CORN

• Dalian corn futures were slightly lower, while U.S. 2024/25 and 2025/26 corn carryout is estimated at 1.392 and 1.792 billion bushels, respectively, in today’s WASDE.
• Vietnam opted to buy U.S. corn over South American supplies, but most global buyers, including Taiwan, continue sourcing from Brazil; Ukraine’s exports are tight, reaching 82% of USDA’s 22 mmt projection.
• U.S. weekly corn export sales are estimated at 700-1200 mt vs 942 mt last week; ethanol production rose 9.5% year-over-year, with stocks up 2.2%.

SOYBEANS

• Dalian soybean and soymeal futures traded higher, while soyoil and palm oil were lower.
• U.S. soybean carryout is estimated at 351 million bushels for 2024/25 and 298 for 2025/26; world 2025/26 ending stocks are seen at 124.5 mmt vs 124.3 mmt in May.
• China’s soybean imports are expected to hold at 108 mmt after a record May (13.6 mmt); India’s May veg oil imports rose from April but fell year-over-year; U.S. weekly soybean export sales are estimated at 100-500 mmt vs 194 mt last week.

WHEAT

• The USDA is expected to raise Russia’s wheat crop estimate but lower its export outlook; Australia’s crop may also be revised higher, while the EU crop could be near 138 mmt.
• Trade estimates put the U.S. wheat crop at 1.924 billion bushels (vs 1.921 in May), with 2024/25 carryout at 842 and 2025/26 at 924 million.
• Wet weather has returned to the U.S. Southern Plains ahead of harvest; weekly U.S. wheat export sales are estimated at 400-600 mt vs 444 mt last week.

Author

Matt Mattke